A winning product launch gives a head start in sales for your company. It is one of the few opportunities to go from gradual to exponential sales.
Here are seven tips to achieve a winning product launch:
Matching Product to Market Needs
A winning product launch begins with meeting the capabilities of your product to the requirements of your target market. This is often the domain of a product manager. If you are presenting a new product or service into the market you would be well served by getting out and talking to the potential buyers that your product addresses. Odds are you learn something unique and possibly so enlightening that it could be the turning point in your business.
A winning product launch cannot happen if the market wants a different thing from what you are delivering.
Study the competition
A detailed competitive investigation based on your research and visits to the target market will help you make key choices. Check for the need to modify your product or service and customize it for that market.
Clear Positioning and Messaging
Positioning is the set of actions you do to place your product clearly in the minds of your buyers. If your positioning is not clear, your buyers and possible partners will be confused.
Effective positioning is a communication process that makes the benefits and capabilities of your product so crystal clear to your buyers such that they get it without tremendous effort on your part. Your message forms the foundation for all communication to your target market.
Setting Clear Launch Goals
Be particular about what you want to achieve in your new market, including the level of sales you can anticipate reaching.You will not have a chance at a winning product launch if you do not establish clear goals.
Proper and clear goals frame the purpose of your product launch. Once you have established the goals of your launch you need to consider how they will be measured.
Priming the Pump
One of the most important tips to a winning launch is priming the pump. Priming the pump refers to all the activities that are conducted to build excitement and create demand for your product before it is generally available to buyers. You can do this no matter how large or small your company or the size of your budget.
Time the Launch Event to Maximize Sales
Identify the times and locations that afford maximum leverage and plan your lunch accordingly. Timing a launch can make all the difference in the world. This can be especially true if you launch your products on a global scale.